CMI profit trimmed
PA Auckland The directors of Consoliated Metal Industries, Ltd, say they regard as “highly satisfactory” the result for the March year which was down 6.25 per cent. Group tax-paid equity accounted profit fell to $2,820,000, from $3,008,000; it included equity profit of $279,000 (1982, $325,000). Tax took $319,000 less at $1,801,000. The result, which is subject to audit, was on sales 8.1 per cent higher at $33,660,000. In addition there was an extraordinary profit of $80,600 ($23,000 in 1982). The directors say that trading conditions were difficult in the second half through weakening demand in the agricultural and building sectors and inability to recover cost increases, particularly in wire where a significant price increase was incurred in
September 1982. A final dividend of 6.25 c a share (12.5 per cent) is recommended, making 10.5 c for the year, the maximum permissible under the regulations. It is payable on July 29, ex July 15.
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Press, 30 May 1983, Page 23
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156CMI profit trimmed Press, 30 May 1983, Page 23
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